| PRODUCT TYPE | ADVANTAGES | DISADVANTAGES | |
|
1 |
WHOLE LIFE Without term riders |
· Guaranteed Premiums – cannot change · Fully reserved with cash values available to policy owners · Over 100+ years history. Whole life has consistently paid benefits |
· Expensive – highest premium for the death benefit
· Inflexible design – difficult to change premium or death benefit · Actual dividends are unlikely to be as high as currently illustrated dividend crediting rates · Dividends paid at insurance company’s discretion |
|
2 |
UNIVERSAL LIFE Without secondary death benefit guarantees |
· Lower projected premium · A great amount of premium flexibility · Adjustable death benefit |
· Client at risk for having to pay higher premium · Company can change cost of insurance, credited rate and expense charges · Very little is guaranteed - Almost everything is subject to company’s discretion |
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